PEMBROKE, Bermuda, Oct. 10, 2018 (GLOBE NEWSWIRE) -- Maiden Holdings, Ltd. (NASDAQ: MHLD) (“Maiden” or the “Company”) announced today an agreement to sell the Company’s U.S. casualty facultative reinsurance team to Sompo Group. Maiden’s facultative reinsurance team consists of seven specialists who will continue to provide customers with the full range of value added services through the Company’s innovative internet-based reinsurance platform.
“We are pleased to announce this agreement with Sompo Group and to provide new opportunities for the specialists within the Maiden facultative team,” said Lawrence F. Metz, Maiden’s President and Chief Executive Officer. “This agreement is another step in our continuing strategic review and follows our previously announced renewal rights transaction with Transatlantic Reinsurance Company and the sale of Maiden Reinsurance North America, Inc. to Enstar Holdings (US) LLC.
“As part of the strategic review, the Company’s Board of Directors continues to evaluate all options to enhance value to our shareholders,” Metz continued. “The Board, assisted by its financial and legal advisors, will execute its fiduciary obligation to shareholders and carefully review any credible proposal it receives.”
About Maiden Holdings, Ltd.
Maiden Holdings, Ltd. is a Bermuda-based holding company formed in 2007. Through its subsidiaries, which are each A- rated (excellent) by A.M. Best, the Company is focused on providing non-catastrophic, customized reinsurance products and services to small and mid-size insurance companies in the United States and Europe. As of June 30, 2018, Maiden had $6.7 billion in assets and shareholders' equity of $1.1 billion.
Forward Looking Statements
This release contains "forward-looking statements" which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements are based on the Company's current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that actual developments will be those anticipated by the Company. Actual results may differ materially from those projected as a result of significant risks and uncertainties, including non-receipt of the expected payments, changes in interest rates, effect of the performance of financial markets on investment income and fair values of investments, developments of claims and the effect on loss reserves, accuracy in projecting loss reserves, the impact of competition and pricing environments, changes in the demand for the Company's products, the effect of general economic conditions and unusual frequency of storm activity, adverse state and federal legislation, regulations and regulatory investigations into industry practices, developments relating to existing agreements, heightened competition, changes in pricing environments, and changes in asset valuations. Additional information about these risks and uncertainties, as well as others that may cause actual results to differ materially from those projected is contained in Item 1A. Risk Factors in the Company's Annual Report on Form 10-K for the year ended December 31, 2017 as updated in periodic filings with the SEC. However these factors should not be construed as exhaustive. Forward-looking statements speak only as of the date they are made and the Company undertakes no obligation to update or revise any forward-looking statement that may be made from time to time, whether as a result of new information, future developments or otherwise, except as required by law.
Bill Horning, Senior Vice President, Investor Relations
Maiden Holdings, Ltd.